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Below are lists of the top 10 mainly open-market insider purchases and sales filed at the Securities and Exchange Commission Tuesday, May 8, 2012 as ranked by dollar value.

On Today's Tables: The sales by two insiders at Green Mountain Coffee Roasters (NASDAQ:GMCR) to satisfy margin calls is headline news for sure. The footnote on the Form 4 reporting the massive $123.4 million sale (representing 37.3% of Mr. Stiller's holdings) says it all. To wit: "The sales of Common Stock were effected by a financial institution pursuant to a margin call because the reporting person's account did not satisfy the minimum margin requirements under various margin loans. The total number of shares reported as sold on this Form 4 is 5,000,000."

And so Mr. Stiller and fellow GMCR Director William Davis join a list of executives who were forced over the years to sell large blocks of stock due to poorly thought through financial commitments outside their company duties. That list includes: Chairman Aubrey McClendon at Chesapeake Energy (NYSE:CHK), Chairman Douglas Miller at EXCO Resources (NYSE:XCO), and co-founders Peter Nicholas and John Abele at Boston Scientific (NYSE:BSX).

The similarities of the Green Mountain execs from the others in this embarrassing gallery end there, however. While the other execs listed above survived their poor fortunes, Chairman Stiller--who is also the founder of his firm--and Mr. Davis have been forced out of Green Mountain. Apparently the pair's sales were made when the trading window was closed to insiders, and the sales were further of shares that were pledged to margin loans after such commitment had been expressly forbidden by rules adopted on January 1, 2012.

As we noted in our April 27, 2012 column, "the concept of companies having 'trading windows' for their insiders is not imposed by the SEC or any legal statute. Instead, trading windows are established by companies themselves to keep their executives out of trouble." Similarly, it's logical that the board should also limit large pledges of the firm's shares to margin loans that, if called, could create a disruptively large supply of GMCR shares hitting the market.

So Mr. Stiller is correct when he asserts that no SEC or other regulatory laws were broken by his trades. Even so, we're both surprises and impressed at the integrity the board has shown by calling out two big board members so quickly and definitively. There were likely ways that this matter could have been fudged over to allow both offenders to save at least a modicum of dignity--if not their jobs--for breaking internal trading rules. Other corporate bigwigs with worse transgressions have certainly benefited from having weaker boards.

For instance, although Mr. Davis' sales on May 4th were clearly afoul of normal trading window policies that keep windows closed until two business days after an earnings release, Mr. Stiller's sales were made on May 7th. Green Mountain must have a stricter than normal trading window policy, or the board kept the window closed longer-than-normal for other reasons. It could end up that Mr. Davis was the one that broke the trading window restriction, and Mr. Stiller's main sin was to have pledged more shares for his margin loan after January 1st.

We also wonder how involved Green Mountain's general counsel's office was during what must have been an interesting Tuesday around the executive offices. It is common practice for Form 4s to be filed through the general counsel's office at such large firms. So the transactions were likely known about before actually being filed at the SEC at quarter after 5pm yesterday.

Indeed, a Form 144 filed earlier yesterday foreshadowed the sales quite readily. We were even contacted by an international news outlet yesterday morning to comment on the Form 144, and we predicted that a Form 4 would likely be filed in the next day or two by Mr. Stiller for his large 5 million share sale. That a Form 4 was already in the works to be filed suggests that there were likely lively conversations already underway between the board and the margin sellers about the ramifications of their trades even before the Form 4s hit the SEC. This likelihood makes Mr. Stiller's stated "shock" at being ousted seem odd

We monitor insider data for investing intelligence to help our newsletter subscribers and money management clients make money, but we are not above being interested in the "newsy" items Form 4 filings also generate. And the Green Mountain story should be an interesting one to stay tuned to.

There is arguably a more serious bit of investing intelligence to be garnered from this story, however. The fact that the letter of the internal rules were upheld so strongly and quickly shows us that Green Mountain's board has more integrity than most. That fact may make GMCR more attractive as a bottom fishing candidate at this point--for both investors and potential acquirers of the company.

Other notable insider transactions from today's tables:

- Insiders are finally bueing the long weakness at Tellabs (NASDAQ:TLAB);
- Carlson Capital continues to add to its stake in Sunrise Senior Living(SRZ);
- Institutional investors at TAL International (NYSE:TAL) think now is a good time to take profits.

More About InsiderInsights' Top Trades Tables

Company executives and directors are in the best position to assess the attractiveness of their firms' shares, and here is how many of them are voting their wallets!

Please note, however, that these are factual lists, not buy and sell recommendations. Dollar value is only one metric to assess the importance of an insider transaction, and further analysis of a stock's full insider history may not indicate a significant insider signal.

But at Insider Insights, we find significant insider signals just about every day using screens like these to determine where we should focus are subsequent fundamental and technical analysis. And while stocks don't (and shouldn't) move up or down based on insider activity alone, insiders tend to be good indicators of when real stock-moving events like earnings surprises, corporate actions, and new products may be in the offing.

So use these regular columns as the initial research tools they are meant to be, and come to InsiderInsights.com to analyze a company's or insider's full insider history. Also feel free to email with any questions on our proprietary insider data, and how it is best analyzed.

Insider Purchases
#: Filer Name Insider Titles Company Name Ticker Trans
Type
Dollar Value Shares Traded Trans Date
To
Ave Trans
Price
Direct
Holdings
Indirect
Holdings
1 New Enterprise Assoc BO Supernus Pharmaceuticals SUPN JB* $22,000,000 4,400,000 5/4/12 $5.00 10,641,250 ---
2 Baker Julian DIR,BO Genomic Health GHDX B $5,567,227 195,701 5/8/12 $28.50 --- 8,442,936
3 Mylod Robert J Jr DIR Everbank Financial EVER JB* $5,000,000 500,000 5/8/12 $10.00 574,934 ---
4 Biglari Sardar BO Cracker Barrel CBRL B $1,569,960 27,300 5/8/12 $57.40 --- 3,823,165
5 Carlson Capital BO Sunrise Senior Living SRZ B $847,646 126,484 5/7/12 $6.79 --- 8,219,537
6 Szafran Andrew B VP,CFO Tellabs TLAB B $745,000 200,000 5/4/12 $3.73 200,000 ---
7 Housenbold Jeffrey T PR,CEO,DIR Shutterfly SFLY B $527,400 20,000 5/8/12 $26.37 354,171 ---
8 McGee Liam E CB,PR,CEO Hartford Financial HIG JB* $478,779 25,088 5/4/12 $19.08 26,836 ---
9 Verition Fund Mgt BO Roomlinx RMLX JB* $325,000 130,000 5/4/12 $2.50 --- 475,518
10 Green Steven B DIR New York Times NYT B $298,485 50,000 5/7/12 $5.91 --- 50,000

Source: InsiderInsights.com | Key to Insider Title and Transaction Type Codes

Insider Sales
#: Filer Name Insider Titles Company Name Ticker Trans
Type
Dollar Value Shares Traded Trans Date
To
Ave Trans
Price
Direct
Holdings
Indirect
Holdings
1 Resolute Fund Partners BO Tal International TAL JS* $158,412,096 4,114,600 5/8/12 $38.50 --- 3,321,961
2 Stiller Robert P DIR Green Mountain Coffee GMCR S $123,401,504 5,000,000 5/7/12 $24.68 8,386,899 ---
3 Jz Capital Partners BO Tal International TAL JS* $17,043,950 442,700 5/8/12 $38.50 357,418 ---
4 Davis William D DIR Green Mountain Coffee GMCR S $13,850,990 548,000 5/7/12 $25.17 360,687 ---
5 Singh Alok DIR Validus Holdings VR S $7,035,673 214,194 5/4/12 $32.85 --- 2,842,861
6 Whitehurst James M CEO,PR,DIR Red Hat RHT AS $6,784,858 117,977 5/7/12 $57.51 256,167 ---
7 Plank J Scott VP,BD Under Armour UA AS $3,985,065 41,541 5/8/12 $94.07 1,294,424 32,108
8 Garren Bruce P VP Edwards Lifesciences EW S $2,973,604 35,000 5/8/12 $84.75 56,050 ---
9 Mizrahi Isaac BO Xcel Brands XELB JS* $2,499,000 833,000 5/8/12 $3.00 1,521,382 ---
10 Payne John Gordon VP Citrix Systems CTXS AS $2,164,587 25,874 5/4/12 $83.49 --- 0

Source: InsiderInsights.com | Key to Insider Title and Transaction Type Codes

Source: Top Insider Trades May 8, 2012: Margin Sales At Green Mountain